A Legislative Mix: Congress Advances Housing Bills, Punts on Extenders
By Caitlin Jones
1 min read
Tax Credit Advisor, September 2010: Congress returns from recess in mid-September, after having advanced some housing bills in recent weeks but failing to enact critical “extenders” provisions, including those to continue the new markets tax credit program and low-income housing tax credit Section 1602 exchange program.
The extender provisions were sidelined when the U.S. Senate, before leaving for recess, dropped them from the original extenders bill (H.R. 4713), which Congress sent to the president with only an extension of unemployment benefits. When Congress returns, tax credit advocates will renew their efforts to get Congress to approve the key extenders provisions as part of another tax or jobs bill. Other extenders provisions that have been stranded include those to extend the placed-in-service deadline for GO Zone housing credit projects and for GO Zone projects receiving higher historic tax credit rates.
Lawmakers face a time crunch to pass legislation. Congress will be in session for just a few weeks before breaking for fall campaigning, and it isn’t clear whether it will return after the November 2 elections for a lame-duck session. Any bills not passed by adjournment must be re-introduced next year.
